USTR starts collecting comments on cases of suppressing pharmaceutical prices in foreign countries
Medications are stored on shelves at a pharmacy on May 12 in Los Angeles, California. AFP-Yonhap
WASHINGTON — The U.S. Trade Representative (USTR) kicked off a process Friday to collect public comments on cases of the suppression of pharmaceutical product prices below market value in other countries, as it seeks to stop what it calls "freeloading" on U.S.-financed medical research.
The USTR's efforts to collect comments by June 27 came after President Donald Trump signed an executive order earlier this month to lower the cost of prescription drugs for American citizens to match prices paid in other countries.
The move spawned concerns that South Korean pharmaceutical firms could come under U.S. scrutiny, given that the USTR has taken issue with the Asian country's pricing policies for pharmaceuticals.
"USTR invites comments from interested parties regarding any act, policy, or practice that may be unreasonable or discriminatory or that may impair United States national security and that has the effect of forcing American patients to pay for a disproportionate amount of global pharmaceutical research and development," it said on a public docket.
In an annual report on foreign trade barriers released in March, the USTR pointed out the U.S. pharmaceutical and medical device industries' concerns over what they describe as a lack of transparency in Korea's pricing and reimbursement policies and a lack of substantive opportunities for stakeholder input into proposed policy changes.